Ringing in the new year will also be a celebration for another reason for young people, carers and students on welfare payments, at a time when the cost of living has skyrocketed.
Those Aussies will see their payments rise by up to $20 a week after the 6 per cent increase hits payments on the first day of the year.
Also read: Major Centrelink changes over Christmas
Also read: Centrelink relief extended for these Aussies
Social Services Minister Amanda Rishworth said the increases would help ease the rising cost-of-living pressures.
"This will have a significant impact on the hip pockets of young people,” Rishworth said.
"Income-free areas for student income support recipients will also benefit from indexation, meaning they are able to earn more before their payment is impacted."
How much will Centrelink payments rise?
Youth allowance will increase by between $19.10 and $41.40 a fortnight, while people on Austudy will receive between $32.40 and $41.40 more each fortnight.
People on the disability support pension aged under 21 and without children will receive between $27.40 and $40.70 a fortnight.
The rates for ABSTUDY, isolated children assistance, mobility allowance, double orphan pension, carer allowance and pharmaceutical allowance will also increase.
What is indexation?
Twice a year, the Government looks at the rate of welfare payments and changes them depending on the economic circumstances at the time.
The most recent announcement - in September this year - was the largest indexation increase to payments in more than 30 years for allowances, and 12 years for pensions.
“We want to ensure Australia has a strong social security safety net to protect our most disadvantaged,” Rishworth said at the time.
“Our guiding principles as a government are ensuring no one is left behind and no one is held back, and this indexation increase will help those on government payments keep up with the cost of living.”